In perhaps what is one of the oddest executive departures within the cannabis sector as of late, Acreage Holdings (CSE: ACRG.u) last night announced that board member Bill Weld has resigned from his position. The justification for his departure from the multi state operator, is that he is spending more time to focus on his bid for the Republican nomination for the next US election.
The timing of the announcement is interesting however, given that two primaries have already occurred for the 2020 Republican nomination bid. Both Iowa and New Hampshire have conducted their elections, with Weld winning just 1.3% and 9.1% of the vote in each state respectively, picking up a single delegate in the process. For comparison, Trump has earned 97.1% and 85.6% of the vote within the two states respectively, picking up all but one delegate in the process, and totaling out at 61 delegates early in the nomination process.
Weld initially announced his election campaign on April 15, 2019, however he has seen little success in the achieving the nomination thus far. Weld has several views that conflict with ultra-conservative positions, including his stance on abortion rights, gay marriage, and of course, the legalization of cannabis. Prior to his announcement, the Republican National Committee voted in February 2019 to provide undivided support for Trump. As a result, seven states have cancelled their 2020 Republican primaries.
Current poll averages place Weld at a 5% chance of winning, according to 270ToWin, while Trump is currently the likely winner of the nomination, with an average of 90%.
I have greatly enjoyed working with CEO Kevin Murphy and the other members of the Board to help Acreage grow and work toward its mission of enabling access to legal cannabis for everyone who needs it, but I feel I owe it to my supporters and the country to focus on my Presidential candidacy at this time.Bill Weld, Former Director of Acreage Holdings
Acreage Holdings last traded at US$5.55 on the CSE.
Information for this briefing was found via Sedar and Acreage Holdings. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.